Property revival boosts DD gains

Real estate firm DoubleDragon Corp. reported a 3.75 percent moderate headway in its first-half earnings, which clocked in at P1.66 billion from P1.60 billion in the same period a year ago, attributed to higher revenues.

In a stock exchange disclosure on Thursday, the company said consolidated revenues rose by 11.7 percent at P4.4 billion for the first six months from P3.94 billion last year.

As of the end of the reference period, DoubleDragon’s net Debt-to-Equity ratio remained healthy at 0.69x. The company’s unused debt capacity was P149.22 billion.

The company’s total assets increased to P191.31 billion, while total equity rose to P95.16 billion in the first half.

These figures put DoubleDragon on track to surpass P100 billion in total equity for the first time this year.

Cash hits P7.27B

Furthermore, DoubleDragon’s total cash reached P7.27 billion as of the end of June. This was on top of the successful issuance of its Otso-Otso Retail Bonds.

DoubleDragon’s latest offering has a coupon rate of 8.008 percent per annum as approved by the Securities and Exchange Commission.

The bonds earned an Issue Credit Rating of PRS Aaa from the Philippine Rating Services Corp. (PhilRatings). Similarly, PhilRatings granted the company an Issuer Credit Rating of PRS Aaa (Triple A).

The company’s retail issuance came ahead of the upcoming Hotel101 Global listing in the United States, which is anticipated to further strengthen its balance sheet.

DoubleDragon’s local portfolio of titled hard assets is strategically located in Luzon, Visayas and Mindanao and is projected to reach full maturity by 2025.